\begin{table}[!htbp]                         \fontsize{9}{10}\selectfont                         \caption{Country and dyad characteristics.}                         \label{t:sumstats}                         \begin{tabularx}{\textwidth}{p{7cm}XXXXXXXX}                         \toprule                         & \multicolumn{4}{l}{\textbf{\thead{Signed a BLA\\in the past 10 yrs.}}}                          & \multicolumn{4}{l}{\textbf{\thead{Did not sign a BLA\\in the past 10 yrs.}}}\\                          & (1) & (2) & (3) & (4) & (5) & (6) & (7) & (8) \\                         \addlinespace
            &        Mean&          SD&\thead{10th \\pct}&\thead{90th \\pct}&        Mean&          SD&\thead{10th \\pct}&\thead{90th \\pct}\\
\midrule \vspace{12mm}\\                         \multicolumn{9}{l}{\emph{Panel A: Country-level}}\\                         \addlinespace                         \addlinespace
Real GDP per capita&       16753&       19140&        1933&       40054&        8584&       15646&        1052&       20674\\
\addlinespace
Population (millions)&          48&         148&         1.6&          82&          20&          86&         0.28&          32\\
\addlinespace
Employment to population ratio&          0.4&        0.091&         0.28&         0.51&         0.37&         0.08&         0.27&         0.47\\
\addlinespace
Annual hours worked&        1945&         263&        1617&        2266&        2101&         306&        1668&        2486\\
\addlinespace
Trade to GDP ratio&         0.64&         1.4&         0.19&           1&         0.63&         1.3&         0.18&         0.96\\
\addlinespace
Polity2 score&         3.1&         7.5&          -8&          10&          -1&         6.8&          -9&           9\\
\addlinespace
Deaths from armed conflicts&         312&        2735&           0&         243&         537&        9743&           0&         538\\
\midrule                         \addlinespace                         N & \multicolumn{4}{l}{5196} & \multicolumn{4}{l}{6477} \\
\midrule \vspace{12mm}\\                         \multicolumn{9}{l}{\emph{Panel B: Dyad-level}}\\                         \addlinespace                         \addlinespace
Difference in GDP per capita&       20445&       23676&        2132&       41009&       14799&       20368&         894&       35200\\
\addlinespace
Difference in GDP per capita (ME host)&       49588&       44615&        2070&      113222&       30436&       42520&        1815&       83971\\
\addlinespace
Difference in GDP per capita (non-ME host)&       15641&       12726&        2136&       32226&       12821&       14273&         834&       32207\\
\addlinespace
Difference in emp/pop ratios&        0.087&        0.075&        0.013&         0.19&        0.097&        0.073&        0.015&          0.2\\
\addlinespace
Difference in Polity2 scores&         5.3&         6.4&           0&          17&         7.7&         6.3&           1&          17\\
\addlinespace
Distance between population centers&        6484&        3777&        1895&       11901&        8246&        4553&        2258&       14604\\
\addlinespace
Same region &         0.53&          0.5&           0&           1&         0.23&         0.42&           0&           1\\
\midrule                         \addlinespace                         N & \multicolumn{4}{l}{8758} & \multicolumn{4}{l}{949947} \\                         \bottomrule                          \addlinespace                         \multicolumn{9}{p{\textwidth}}{\fontsize{9}{10}\selectfont Panel A presents country-level                         characteristics and Panel B dyad-level characteristics. Columns (1)-(4) summarize the listed                         variables for countries or dyads which signed at least 1 BLA within the past 10 years and                          columns (5)-(8) for those without a BLA in the past 10 years.}                         \end{tabularx}                         \end{table}
